![]() Whilst there’s increasingly a move towards acceptance of cryptos amongst the financial services establishment, access to bitcoin (or more accurately the legal and regulatory status of such transactions) can vary significantly depending upon where you are in the world. There aren’t many easy ways for regular investors to play Bitcoin without dipping toes into the grey and/or unregulated waters of crypto trading. For context, one analyst cited by MarketWatch noted predictions that Coinbase could soon rise to a US$100bn valuation which would put it on a revenue multiple equating to 1.5x of the Nasdaq and ICE combined.Īnother analyst, meanwhile, told MarketWatch they were ‘super super bullish’ and pitched a US$600 per share price target.īull or bear, almost all commentators see Coinbase as a volatile stock in its early days on the market. Sceptics say the Coinbase valuation is way too high. Starting off with a US$65bn market valuation the debutant will be very closely watched, not least given the heat around new listings and the fervent interest in crypto-trading that seems to see one digital asset or another set a new record high on a daily basis. It also has offices in New York, Portland, London, Dublin, Tokyo and Singapore.Ĭrypto proponents believe the float will be a “coming out party” for the industry. It employs 1,700 people and it describes itself as a decentralized company with no headquarters – albeit until recently San Francisco was considered the HQ. The company claims the platform has 7,000 institutions and 115,000 ‘ecosystem partners’ in over 100 countries. Dominant Bitcoin exchangeĬoinbase boast some 56mln verified users, according to the company’s website, and says it has US$335bn worth of transactions per quarter and some US$223bn of assets on the platform. Wednesday’s stock market debut comes via a ‘direct listing’.Ĭoinbase stock will trade on the Nasdaq with the ‘COIN’ ticker symbol. Whilst the customer-facing services are akin to a brokerage, others prefer to compare Bitcoin to exchanges like the Nasdaq, CME or the Intercontinental Exchange (ICE). At the same time, it provides business-to-business services including prime brokerage and custody, drawing further parallels to a stockbroking business model. It also provides crypto-wallet services which essentially allows customers to ‘store’ their crypto assets. Like a stock market brokerage platform it charges customers a transaction fee. It allows its customers to exchange bitcoin and the gamut of cryptos including Ethereum, XRP, Litecoin, Dogecoin and many others. Launched in 2012 by founder and chief executive Brian Armstrong, now aged 38, Coinbase became established in the early days of cryptocurrency trading. The company, which lists today in New York with a US$65bn valuation, describes its platform as “the easiest place to buy and sell cryptocurrency”. Coinbase Global Inc is an online cryptocurrency platform (great, that clears that up then!) ![]()
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